SAT, MAY. 13 2023-theGBJournal |The NGX All-Share Index settled 0.10% higher at 52,214.62 points Friday following renewed interests in Tier 1 banking names- ZENITHBANK (+0.42%), GTCO (+1.04%) and STANBIC (+0.27%). All pushed the broader index into the positive terrain.
All other indices finished higher with the exception of NGX Main Board, NGX 30, NGX Banking, NGX AFR Bank Value, NGX MERI Value, NGX Industrial Goods, and NGX Sovereign Bond which depreciated by 0.85%, 0.12%, 0.99%, 1.45%, 1.11%, 3.36% and 4.83% respectively while the NGX ASeM index closed flat
A total turnover of 3.602 billion shares worth N36.451 billion in 27,801 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.973 billion shares valued at N22.828 billion that exchanged hands last week in 23,765 deals, according to NGX data.
Trading in the top three equities namely Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc, (measured by volume) accounted for 2.167 billion shares worth N18.650 billion in 5,083 deals, contributing 60.17% and 51.16% to the total equity turnover volume and value respectively.
But, having lost in two of five trading sessions this week, the ASI closed 0.48% lower w/w.
Selloffs in BUACEMENT (-8.02% w/w), ZENITHBANK (-0.21% w/w) and ACCESSCORP (-12.00 w/w) were the major drags on the overall market, negating upticks in BUAFOODS (+2.63% w/w), MTNN (+0.04% w/w) and STANBIC (+1.62% w/w).
Consequently, the year-to-date (YTD) return fell to 1.88%, while the market capitalization shed N137.02bn w/w to close at N28.43trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 109.53%.
A total of 1.42bn shares valued at N10.98bn were exchanged in 5,527 deals. FIDELITYBK (+1.20%) led volume and value charts with 942.77m units traded in deals worth N5.52bn.
Market breadth closed positive at a 2.60-to-1 ratio with advancing issues outnumbering declining ones. ACADEMY (+9.87%) led twenty-five others on the leader’s log while, COURTVILLE (-6.52%) topped nine others on the laggard’s table.
Meanwhile, The global equities market posted broadly positive performances as investors digested the latest US inflation data and the potential impact on the Fed’s monetary policy decision.
US equities (DJIA: +0.5%; S&P 500: +1.7%) were on track for a weekly gain as signs of cooling inflation and a slowdown in the labor market spurred hopes for monetary policy easing.
European equities (STOXX Europe: +0.6%; FTSE 100: +0.0%) were partly stable, as investors digested UK GDP data and corporate earnings announcements.
In Asia, the Chinese equities (SSE: -1.9%) declined as China’s inflation data pointed to a sluggish post-Covid recovery.
Conversely, Japanese equities (Nikkei 225: +0.8%) posted gains, mirroring the positive sentiments on Wall Street.
Elsewhere, the Emerging (MSCI EM: +0.1%) and Frontier (MSCI FM: +0.3%) market indices closed higher supported by gains in India (+1.5%) and Vietnam (+2.1%), respectively.
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